Raise the debt ceiling, kick the can down the road and let our kids pay

The $14.3 trillion debt ceiling has already been exceeded and will expire on 2 August. If it is not increased, there might be a default and interest rates could rise. When the economy and housing markets are already as bad as they are...

This is a problem.

But some of you would rather whine and whinge about passing debt on to your children....even your grandhchildren.

Well, here is a message from them beyond the womb. They'll take care of the debt if we take care of their health, education and employment opportunities.

Besides, your parents passed their debt on to you.

So ignore the hype, don't treat your kids as victims and raise the debt ceiling. If you're that worried about the deficit then close the tax loopholes on the wealthy and tax the rich.

The only people complaining about higher taxes on the rich are....the rich. And there are not many of them.

Well you have hit the nail squarely Ian. 14 trillion is a huge number. If you were to gather all of the currency in the world from every country you could not come up with 14 trillion dollars. It is a staggering amount of anything. It is for all intents and purposes a fictional number that has no meaning to anybody except those attempting to gain political advantage. This is why all the hype over buying gold is a crock. Gold has no more value than what investors decide to give it, paper money's only true value is in the faith that the holder has towards the government issuing it. The simple truth is that sooner or later cash will be totally useless. I say take that 14 trillion, draw a big x through it and start over again. when I was much younger and still in school a billion was a very very big number. There were only a handful of corporations worth that kind of money, now we speak of trillions as though having a trillion dollars is common. I think that while your comments may have been in jest you are closer to the truth than you may think. Go ahead and raise the debt, raise it to a trillion trillion and let the chips fall where they may because whether it's 100 trillion or 14 trillion it is a debt that will never ever actually be paid down, hell the interest alone keeps that from happening.

A little despair is good for the soul, especially if it can lead to taking charge of a situation. At least the Money Masters web site speaks optimistically of changing the situation of fractional reserve banking, "if we have the will" as the site says. If enough Americans would wake up about this, feel a pang of despair over the situation, and then insist on having the wrong righted, true change could happen (I think).

It's thanks to the things you guys are moaning about that most of you now own your own homes.

I doubt Don could have bought his house for cash.

Lending is good. And Banks' ability to lend is good. But the whole process needs to be properly regulated and it was not.

So we need bigger Government to regulate.

Look. We just have to realise that the world ten years from now is going to be very different from the one we live in today.

Sorry Conservatives. You'd best liberal up.

China will be the largest economy.

Global warming (caused mostly by Americans) would have happened with all sorts of consequences for agriculture.

And there will be an acute shortage of natural resources - water for example.

The key is to adjust. American innovation will shine through but we need to start raising taxes, especially on things like American gasoline.

And coal-powered electricity generation should be taxed. Renewables. That is what we need.

As for the $14 trillion debt, I am not too worried just yet.

The people that hold that debt (the Chinese) do not want to see the value of what they hold reduced. So nothing crazy is going to happen. If your neighbors owed you that much cash, I'm sure you'd keep them sweet as well.

So, yes - kick the can down the road. With a bigger Federal Government. Washington telling people in the rest of America how to live because, let's face it, they are cleverer.

It's thanks to the things you guys are moaning about that most of you now own your own homes.

I doubt Don could have bought his house for cash.

Lending is good. And Banks' ability to lend is good. But the whole process needs to be properly regulated and it was not.

So we need bigger Government to regulate.

Look. We just have to realise that the world ten years from now is going to be very different from the one we live in today.

Sorry Conservatives. You'd best liberal up.

China will be the largest economy.

Global warming (caused mostly by Americans) would have happened with all sorts of consequences for agriculture.

And there will be an acute shortage of natural resources - water for example.

The key is to adjust. American innovation will shine through but we need to start raising taxes, especially on things like American gasoline.

And coal-powered electricity generation should be taxed. Renewables. That is what we need.

As for the $14 trillion debt, I am not too worried just yet.

The people that hold that debt (the Chinese) do not want to see the value of what they hold reduced. So nothing crazy is going to happen. If your neighbors owed you that much cash, I'm sure you'd keep them sweet as well.

So, yes - kick the can down the road. With a bigger Federal Government. Washington telling people in the rest of America how to live because, let's face it, they are cleverer.

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My house is paid for, Thanks to the nice people that supported NASA.

I never got a Free ride, never expected to.

I worked all my life, and enjoyed it. I could sleep well at night, unlike free loaders in the USA.